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f ; a - _ <br />ORDZMN~'i NO. <br /> <br />WERIFASp the City Council hae heretoloxe determined that <br />3t iffi to the best intepreet of the City and of it' citiztas that it iaeue <br />revenue bonds of said City far the purpc►se of improving snd eztending the <br />City'e iriaterworks ansi Sevex System; and <br />WHERM., pursuent tb auch detetrmination, the City Council <br />of the City of Pariffi, Texas, passed an ordinsnce an October 1951, calling <br />an election on the following prmpositians: <br />PRQPtSITTQN N(1. 1 <br />"uhtll the C3ty COU21Ci1 pP thlt C1ty of Pax'iS, '1'exats, <br />be authorized to issue the bande of said City in tht emaunt <br />of $150,000.00, matvrixig merially in auch inst;allments as may <br />be fixed by the City Council, the meucimum maturity bei.ng aat <br />mors than Taenty F3.qe (25)3'ears fram their date, besring in- <br />terest at a rste nc>t to excaed Threea and orre-hali (3-21%) Pex' <br />cent per annum, far the purpose of improving and eatending the <br />City's Watervorks 3ystemj to be insu4c1 in accurdatnce with and <br />secured in tha mannex grovided ia Artic].es 11I1-111$, both <br />iaclusive, at the Revised Civil Statutes of Texas, 1925, as <br />smended, each bond tc> be conditioned thet tbe holder thereaf <br />shall never have the rigtr.t ta demsrid payment of uaid obligations <br />out aP tu2ads raised cr to be raised by taxatian., secured bq s <br />pledge of the ntt rtvanues froat the ogerittion of eaid Water- <br />works Symtem, and 1f the 3ever Irnprovement and Extension <br />Revenue Bonds are vated sa provided ia Pragosition Nc. 2, to <br />be oecwred additioxu3.ly by a pledge of the net revenues from <br />the operation of said Sever Sy*stem. The probabl.e period of <br />usefulness beizg 50 years. " <br />PROPCSITION NO. 2 <br />"Shnll the City COuncil flf the City of Paris„ Texsa, <br />be author3z+ed to issue the bonds at eaid City in the az+ount <br />of $$00, Ct0Q. C0} maturing aerla3.ly in such 3nstsllmenta a►s na,y <br />be fized by the City Council, the maacimum maturity being not <br />more than Tnenty Five (25) y+ears from the3.r date~ baarirg in- <br />terest at s rate not to exceed Threa and ane-hslf (}N) ger <br />cent pe,r enaum, fvr the pu:rpnse of improving end extending the <br />City's 3wer Syst,em,, to ba iesuod in accordauco with end secwr- <br />etd in the manner pravided in Articles llilw1118, both incltzsive., <br />